Roman Fuzaylov pays $2.4M for retail in Brighton Beach

Roman Fuzaylov through the entity 243 Paz Realty LLC paid $2.4 million to Sofia Lisogor and Marina Fridman through the entity Java Property Management LLC for the mixed-use retail building (K4) at 243 Brighton Beach Avenue in Brighton Beach, Brooklyn. The expected use is cash flowing.
The deal closed on November 1, 2024 and was recorded on November 14, 2024. The property has 3,240 square feet of built space and 1,760 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $725 and the price per buildable square foot is $483 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Sofia Lisogor and Marina Fridman was Marina Fridman. The signatory for Roman Fuzaylov was Roman Fuzaylov. The contract date was September 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Roman Fuzaylov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sofia Lisogor had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Brighton Beach has 3,240 square feet of built space and 1,760 square feet of additional air rights for a total buildable of 4,860 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $799,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Brighton Beach, The majority, or 56 percent of the 8.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 12 percent of the space. In sales, Brighton Beach has had very little sales volume relative to other neighborhoods with $168 million in sales volume in the last two years. For development, Brighton Beach has had very little major development activity relative to other neighborhoods.It had 126,952 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 18 commercial properties representing 18,520 square feet of the 66,183 square feet. The two identified owners are Pyotr Yadgarov and Sam Sup Yang.
There are no active new building construction projects on this tax block.

The majority, or 36 percent of the 66,183 square feet of built space are mixed-use buildings, with retail buildings next occupying 26 percent of the space.

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